Hughes’ investigation got an assist from whistleblower Lauri Peltola, the former Chief Commercial Officer (CCO) of Nordic Nano Group — the company supposedly partnered with Donut Lab to manufacture the batteries. Hughes says he also turned to “over 20 independent battery experts,” including Julian Zahnow from the Fraunhofer Research Institute, who analyzed the specific voltage curves, cell expansion data, and electrochemical signatures to demonstrate that the “miracle solid-state” battery behaved exactly like a standard lithium-ion (NMC) battery cell.

It seems clear that Donut Lab’s CEO Marko Lehtimäki engaged in “authority laundering” by paying Finland’s highly reputable VTT Technical Research Centre to run certain tests — and only those tests — to create the illusion of legitimacy. As Electrek notes, VTT never directly addressed the two claims that mattered: the 400Wh/kg energy density and the 100,000-cycle life.

Hughes also digs into the convoluted network of shell companies that Lehtimäki uses to obscure Donut Lab’s inner workings and the origins of its technology, and breaks down Lehtimäki’s financial dealings and fundraising techniques that could constitute fraudulent misconduct. The intriguing and deeply researched 45-minute video is worth a complete watch. And, as always, be sure to like and subscribe — Hughes is legit.

What happens next for Lehtimäki, Donut Lab, and its vulnerable retail investors is unclear. But one maxim remains unbeaten: if it sounds too good to be true, it probably is.